OPEN BANKING API

The Nigerian Data Protection Regulation 2019 (NDPR) and the Bank and Other Financial Institutions Act 2020 (BOFIA), which continue to be the major regulations governing banking data in Nigeria, uphold the long-standing practice of shielding customers' financial and personal information from third parties. Although, some of the reasons this policy was in place, among other things, was to lower the incidence of fraud, cybercrime, and privacy violations. However, the world is evolving and introducing better methods of getting things done. Open banking, which is now a common practice in many industrialized countries but has not yet been fully embraced in Nigeria, has helped the financial industries of such nations expand their markets, diversify their product lines, and promote their key technology (Yusuf and Olowe, 2020). The United Kingdom, which was the first nation to establish open banking legislation, currently had around 6 million customers using open banking services at the beginning of 2022, four years after the second Payment Service Directive (PSD2) went into effect (Open Technology Foundation 2022).

In Nigeria, there are already existing platforms through which third parties are involved in banking operations without the use of open banking. As a result, there have been few academic studies to assess the connection between the implementation of open banking and customer satisfaction in Nigeria. 

Most of us have multiple Bank accounts and often times, we want to see the balance of each of them. But we always have to login differently into each of the banks' application in order to view each account balance. That sounds tedious, doesn't it? But why go that way? 

 We have designed a prototype Open Data API Application that will dictate how third party providers must connect with banks to access customer data.  It is built specifically to access your Account details including your Account Information, Balance, Card Details, Transactions, Direct Debit, and Standing Orders. It allows you to access all your accounts in one application!

You simply need your UK Bank account Personal ID and Password to login. Once logged in, an OTP will be sent to your mobile number to authenticate the request. Once authenticated, you will be able to view your account details on a demo piggy bank page on your screen. To go further, please click connect to your bank. This will give you access to your full account details.